The company has signed an $827M agreement with Midad to develop a Four Seasons hotel and private residences in Saudi Arabia amid tourism push.
Diriyah Company has announced an agreement with Midad to deliver the Four Seasons Hotel and Private Residences Diriyah.
According to Diriyah Company, the agreement formalises collaboration on the 159-room luxury Four Seasons Hotel Diriyah and Four Seasons Private Residences, spanning a total area of 235,938sq m within Diriyah’s masterplan. The total value of the project stands at $827M (SR3.1bn), covering both land acquisition and construction costs.
Midad Development and Real Estate Investment Company is a prominent real estate developer with a growing portfolio of high-end residential and hospitality projects across Saudi Arabia.
The partnership represents the first major collaboration between the development company and Midad and supports delivery of one of the nearly 40 luxury hotels planned across Diriyah’s two masterplans – the 14sq km Diriyah project and the neighbouring 62sq km Wadi Safar project.
Diriyah positions Wadi Safar as an exclusive luxury destination adjacent to Diriyah, blending lifestyle, culture and leisure within the wider development.
Ahmed Al-Khateeb, Minister of Tourism and Secretary General of Diriyah Company, said: “Saudi Arabia continues to set new benchmarks in destination development and Diriyah stands at the forefront of this evolution. Partnerships such as this enhance the Kingdom’s global tourism offering and reinforce our position as a leading destination.”
Jerry Inzerillo, Group CEO of Diriyah Company, said: “The Four Seasons Hotel Diriyah will be one of our largest luxury hotels and we are proud to announce this joint development agreement with Midad, one of the Kingdom’s leading real estate developers. This agreement reflects our ongoing commitment to enabling Saudi partners to participate in Diriyah’s transformational journey and underscores Midad’s confidence in the opportunities the project presents.”
